Tata Steel aims to slash costs by Rs 10,000 crore to pare debt, fund growth
Tata Steel
is eyeing cost savings of over ₹10,000 crore across its operations this fiscal, as it continues to pursue its enterprise goal of cutting debt by $1 billion every year while continuing to invest in growth, a top executive said.
'In the UK, when we take out more than ₹2,000 crore cost this year, that is effectively to self-sustain the UK, because India has been supporting the UK for long,'
Tata Steel
chief financial officer Koushik Chatterjee told ET in an exclusive interaction. 'In the Netherlands, when we take out this cost ( ₹4,500 crore), it actually creates the capital for future decarbonisation.'
In India, these cost savings will be used for deleveraging as well as investing in growth, he said.
Tata Steel ended the fiscal 2025 with a net debt of ₹82,579 crore, up from ₹77,550 crore a year ago.
Employee productivity, managing fixed costs, making changes in the way coal is procured and blended, focusing on repair and maintenance and optimising the supply chain are some of the levers that the steelmaker will be using in managing its costs takeouts.
In 2024-25, the company had cost takeouts of around ₹6,600 crore, of which about ₹2,800 crore came from operations in India, ₹2,600 crore was in the UK, and ₹1,150 crore in the Netherlands.
'One of the fundamental areas is that when we see that the external facto ₹move very significantly, the controllable facto ₹are the ones that we focus on, which is this cost takeout,' Chatterjee said.
The company sees itself faring better in the current fiscal as compared to the previous, with higher sales volumes, stability in product prices, low raw material prices aiding spreads, and cost initiatives flowing into profits. Volumes are expected to go up by one and a half million tonnes in India, with the Kalinganagar plant expansion.
Among potential risks and developments the company is monitoring this fiscal are the tariff situation between the US and the rest of the world, global geopolitical issues, and China's exports of steel.
'China has exported 10 million tonnes (of steel) a month in March and April. We were expecting that China will tone down on exports,' said T V Narendran, CEO of Tata Steel. 'If this continues at 10 million tonnes a month, then it's again going to be challenging.'
SC ruling
The Supreme Court recently struck down
JSW Steel
's acquisition of Bhushan Power and Steel under the Insolvency and Bankruptcy Code, 2016. Tata Steel had acquired Bhushan Steel through the same route. 'We did look at whether there is anything in the judgment which impacts what we did. And there is nothing that has an impact on what we did,' Narendran said. 'I think we are comfortable with the process that we followed.'
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